This Day (Lagos)

Nigeria: Board Appointments for UBA Spin Offs Announced

Key board appointments, bringing strength and expertise to UBA Plc's recently spun off investment banking, insurance, registrar and real estate businesses - Africa Prudential Registrars Plc, UBA Capital Plc and Afriland Properties - have been announced. The appointments took effect from January 2, 2013.

UBA has adopted a monoline commercial banking strategy in accordance with the Central Bank of Nigeria's (CBN) banking model and as approved by the bank's shareholders on December 13, 2012, an approach that will deliver significant benefits to the independent businesses and catalyse value for existing shareholders, now receiving direct participation in sector focused businesses.

The board of directors of UBA Capital, the investment banking, insurance, trustees, stock broking and wealth management entity, which is composed of highly experienced bankers and business leaders, both from Nigeria and wider Africa, includes Ms. Angela Aneke (chairperson), Mr. Rasheed Olaoluwa (Managing Director/CEO), Ambassador J.K. Shinkaiye, Mr. Chika Mordi, Mr. Yoro Diallo (Senegalese), Mrs. Stella Kilonzo (Kenyan) and Mr. Adim Jibunoh.

Olaoluwa, Managing Director/CEO, a first class graduate in civil engineering, brings market-leading experience as a banker, with more than two decades in retail and investment banking.

He has held a series of senior appointments in the industry, including Managing Director of Universal Trust Bank. At UBA, he held strategic management positions, including CEO UBA Africa, where he pioneered the expansion of UBA's presence in 18 countries.

His last position was Executive Director UBA Nigeria-South, which saw notable success, growing the balance sheet size and profitability of the region, exponentially in the latest financial year.

Board appointments for Africa Prudential Registrars include Mrs. Eniola Fadayomi (chairperson), Peter Ashade (Managing Director/CEO), Mrs. Ammuna Lawan Ali, Mrs. Yinka Abiodun and Mr. Sam Nwanze.

Ashade was the Managing Director of UBA Registrars, the precursor of Africa Prudential Registrars. He is a highly experienced registrar and capital market player with a track record of more than two decades in the Nigerian capital market.

He holds a Bachelor of Science degree in Banking and Finance and an MBA from Obafemi Awolowo University, Ile-Ife. He is an Associate, Institute of Chartered Accountants of Nigeria (ICAN).

The board of Afriland Properties is composed of Erelu Angela Adebayo (chairperson), Mr. Ike Ogbue, Ms. Yinka Ogunsilire, Mr. Sam Nwanze and Mrs. Uzoamaka Oshogwe.

Afriland Properties Plc (formerly UBA Properties) is a real estate company that develops commercial and residential properties for sale and rental purposes.

Oshogwe, who has been appointed Managing Director/CEO Afriland Properties, holds an M.Sc. Information Systems Design and has over 22 years experience, covering banking, real estate management and consulting, including working with Accenture in the United Kingdom.

In her comment, Aneke stated that Olaoluwa's appointment as CEO of UBA Capital would help leverage on the opportunities created by the restructuring of the UBA Group and the ongoing transformation of the financial services industry.

"The focused group is extremely well placed to capture the exciting opportunities presented by the Nigerian and African capital markets space. With confidence returning and a pressing need for capital for Nigeria's and the region's burgeoning growth, the creation of a dedicated business, with the synergies and reach we possess is extremely timely.

"With this appointment also, we believe that the shareholders will realise significant benefits from the emergent force in the Nigeria and African financial services industry and position the company for strategic growth in 2013 and beyond - it is a further way of illustrating the wider UBA Group's commitment to delivering tangible shareholder value," Aneke said.

Similarly, Fadayomi praised the role of Ashade, stating that the board was convinced that the MD/CEO would move swiftly to consolidate the business's current position as one of the leading registrar businesses in Nigeria, with the objective of becoming the undisputed market leader.

"The registrar industry is going through rapid change. With our combination of technical expertise, capital base and strategic vision, we believe we are extremely well positioned to act as the lead consolidator in our industry and be positioned to give ever increasing value adding services to our clients, as well as delivering strong financial returns to our shareholders," she said.

Adebayo also expressed excitement at the opportunity presented by the creation of Afriland Properties and unlocking the significant unrealised potential for all shareholders in the UBA Group's non-core real estate holdings.

"The opportunity to bring an independent and value-adding approach to these potentially hugely valuable assets at a time when the Nigerian real estate sector is at an inflection point, underlines both our desire to deliver for our shareholder base and the essence of UBA's fundamental commitment to creating value for all stakeholders.

"With an industry leading management, our shareholders should be extremely confident that we can repay their trust," added.

Ads by Google

Copyright © 2013 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.